某集团甲方认质认价材料操作细则.doc

某集团甲方认质认价材料操作细则
Econ 334/434 Finance and Risk Management
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Topic 9
Hedging with options
Econ 334/434 Finance and Risk Management
Econ 334/434 Finance and Risk Management
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Outline
Part 1 ()
Introduction to options markets
Call options
Put options
Examples of options trading
Part 2 (19>)
Determinants of option premiums
Profit profiles for puts and calls
Bounds on option premiums
Combinations of options
Econ 334/434 Finance and Risk Management
Econ 334/434 Finance and Risk Management
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Introduction
Futures and options are in the general category of financial instruments known as derivatives
A derivative is a financial instrument or security that derives its value from the value of another instrument, commodity or some other asset
Econ 334/434 Finance and Risk Management
Econ 334/434 Finance and Risk Management
*
Introduction
Options markets are a form of derivative market that sell rights to buy and sell goods and services in the future
They exist modities, shares (or equities) and financial instruments
modities, they are often for associated futures contracts
Econ 334/434 Finance and Risk Management
Econ 334/434 Finance and Risk Management
*
Introduction
In Australia, options can be bought and sold for a number of shares, and short-term and long-term interest contracts in the Sydney Futures Exchange
Options are traded for wool futures for 21μ
Two types of options contracts are:
call option
put option
Econ 334/434 Finance and Risk Management
Econ 334/434 Finance and Risk Management
*
Call options
A call option confers a right, but not an obligation, to buy modity at a given price, the strike price, on or before a given date, the expiration date
Newspapers report information on expiration date, strike price and premium as well as other information daily
Econ 334/434 Finance and Risk Management
Econ 334/434 Finance and Risk Management
*
Call options
There must be people willing to buy call options a